Personal Banking
Individual Retirement Accounts
We offer several types of Individual Retirement Accounts (IRA). These accounts include Traditional, Roth,
and SEP IRAs, as well as our Coverdell Education Savings Account.
Click here for rates
Click here for rates
-
Traditional:
An IRA that offers tax-deferred savings by allowing deductible contributions. This is designed to help consumers who want to plan for retirement with a tax-deferred retirement plan.
Interest earned is tax-free until money is withdrawn. Requires a low initial deposit and has minimal early withdrawal fees. Contributions may be used as tax deductions.
-
Roth:
Designed to help consumers who want to plan for retirement. Tax benefits of a Roth IRA occur at the time of distribution, not at the time of contribution. Withdrawals are tax-free if taken as a qualified distribution.
-
SEP:
A traditional IRA that can accept employer contributions. Ideal for small businesses or sole proprietorships that would like to contribute to their employees’ retirement plans. Employers can also use the contributions to their employees’ IRAs as tax deductions.
-
Coverdell Education Savings Account:
A personal savings tool created by the federal government to help save for a child’s education. This is designed for consumers who want help saving for all levels of education and can accept deposits from a variety of individuals. Distributions may be tax-free if used for education expenses.
